Price for Watches; Incomplete Movements, Assembled in Singapore - 2022

Price for Watches; Incomplete Movements, Assembled in Singapore (CIF) - 2022

In September 2022, the average watches; incomplete movements, assembled import price amounted to $3,430 per unit, flattening at the previous month. Over the period under review, the import price recorded a sharp decrease. The most prominent rate of growth was recorded in August 2022 when the average import price increased by 10% month-to-month. Over the period under review, average import prices hit record highs at $11,402 per unit in June 2022; afterwards, it flattened through to September 2022.

As there is only one major supplying country, the average price level is determined by prices for Malaysia.

From June 2022 to September 2022, the rate of growth in terms of prices for Malaysia amounted to -33.0% per month.

Price for Watches; Incomplete Movements, Assembled in Singapore (FOB) - 2022

The average watches; incomplete movements, assembled export price stood at $1,881 per unit in 2022, with an increase of 15% against the previous year. Overall, the export price saw a prominent expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 43%. As a result, the export price attained the peak level of $2,350 per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($1,885 per unit), while the average price for exports to Japan stood at $1,880 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+11.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Watches; Incomplete Movements, Assembled in Singapore

After three years of growth, supplies from abroad of watches; incomplete movements, assembleds decreased by -1.6% to 49K units in 2022. The total import volume increased at an average annual rate of +3.8% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 10%. Over the period under review, imports hit record highs at 50K units in 2021, and then contracted slightly in the following year.

In value terms, watches; incomplete movements, assembled imports skyrocketed to $58M in 2022. Over the period under review, imports, however, saw a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Watches; Incomplete Movements, Assembled in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Malaysia	29.9	32.2	32.1	57.4	24.3%
Others	0.2	N/A	0.2	0.3	14.5%
Total	30.2	32.2	32.2	57.7	24.1%

Top Suppliers of Watches; Incomplete Movements, Assembled to Singapore in 2022:

Malaysia (48.9K units)

Exports of Watches; Incomplete Movements, Assembled in Singapore

For the fourth consecutive year, Singapore recorded growth in shipments abroad of watches; incomplete movements, assembleds, which increased by 49% to 25K units in 2022. Over the period under review, exports enjoyed significant growth. The growth pace was the most rapid in 2020 with an increase of 50% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, watches; incomplete movements, assembled exports skyrocketed to $48M in 2022. In general, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.